Alberta Mortgages In Arrears Down -29% Year-Over-Year In January

The Canadian Bankers Association just released January 2013 statistics showing that the number of residential mortgages that were behind in payments by 3 or more months in Alberta fell -29% from the previous year.

With Calgary single family home prices now only -1% below peak levels, it makes sense that if a homeowner was in dire straits they could realistically sell rather than fall further behind and into foreclosure.

Month-over-month, Alberta`s arrears rate remained steady at 0.49% which remains the highest of the provinces, with BC a close second at 0.45%.

Aside from Alberta, three other provinces had an arrears rate that was unchanged from the previous month:

  • Quebec (0.33%)
  • Ontario (0.22%)
  • British Columbia (0.45%)

Mortgage arrears rate increase in:

  • Atlantic provinces from 0.47% to 0.49%
  • Manitoba from 0.25% to 0.26%

The only province to see an improvement month-over-month was Saskatchewan, from 0.33% to 0.31%.

Canada-wide the arrears rate remained steady at 0.33%

You can download the entire report here pdfAlberta Mortgages in Arrears

 

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